The Middleby Corporation · NASDAQ:MIDD
The Middleby — Middleby — KBCM Virtual Industrials and Basic Materials Conference 2020
10 slides from The Middleby's conference presentation, May 28, 2020
Slide 1: KBCM Virtual Industrials and Basic Materials Conference
Exhibit 99.1 KBCM Virtual Industrials and Basic Materials Conference May 28, 2020
Slide 2: COVID-19 Implemented Action
COVID-19 Implemented Action We have implemented the following in response to COVID-19: COVID-19 UPDATE • Employee Safety – Implemented companywide procedures including enhanced workplace sanitation, travel discontinuation, social distancing, staggered shifts and work-at-home protocols for most non-p
Slide 3: Q1 2020 Financial Results
Financial Results Q1 2020 FINANCIAL RESULTS 1Q20 1Q19 Change RESULTS COMMENTARY Net Sales $677.5 $686.8 -1.4% • Revenue decline of 5.9% organically Gross Profit 250.2 257.3 -2.8% % of Sales 36.9% 37.5% • Organic growth at Food Processing of 6.1% offset by declines in Commercial Foodservice (8.7%) an
Slide 4: Debt and Liquidity
Debt and Liquidity BANK FACILITY OVERVIEW Q1 2020 LEVERAGE RATIO (IN $000S) Cash* 314.0 • New credit facility established in January 2020 Debt 2,199.1 - 5-year term Net Debt 1,885.1 - $19M annual principal payments in years 1-4 LTM EBITDA* 682.1 • $3.5 billion total availability Leverage 2.76x - $2.
Slide 5: Middleby Segment Summary
Middleby Segment Summary SEGMENT REVENUES Food Processing • Three industry-leading foodservice platforms 13.5% • 100+ highly-respected, leading brands Commercial 67.1% • Global business infrastructure Residential 19.4% • Highly synergistic business segments • Technology and innovation leader SALES B
Slide 6: Near-term Business Conditions
Near-term Business Conditions Q2 ORDER TRENDS April May April May April May ▼65% ▼55% ▼53% ▼35% ▼28% ▼1% Commercial Food Service Residential Kitchen Food Processing Our foodservice customers are currently focused on At our residential businesses, in both the US and We entered the year with a record
Slide 7: COVID-19 Restaurant Impacts
COVID-19 Restaurant Impacts Restaurant sales are sequentially improving week over week since March MILLERPULSE WEEKLY INDUSTRY SAME STORE SALES, 2020 according to multiple restaurant data resources. 10 5.5 6.2 2.5 3.5 4.2 2.6 3.4 2.9 2.7 3.1 0 Restaurants are rapidly adapting to the -7.9 new the new
Slide 8: Middleby Revenue Composition – Commercial Foodservice
Middleby Revenue Composition – Commercial Foodservice SEGMENT IMPACT REVENUE BY DEMAND REQUIREMENT • Quick serve and fast casual fare better as delivery, drive through and carry out support TRAVEL & LEISURE PARTS their business INDEPENDENT 6% 17% • Pizza performs well as delivery is core – large 11%
Slide 9: Trends in the Foodservice Industry
Trends in the Foodservice Industry Click on logo or image to view more information. ACCELERATING TRENDS • Added focus on off-premise (delivery, carryout and drive- through) • Focus on menu simplification, throughput and space utilization • Growth in non-traditional foodservice including retail and c
Slide 10: COVID-19 Products
COVID-19 Products We developed and introduced products addressing needs of the COVID-19 pandemic. N95 MASK UV SAFETY SHIELDS (four off-the-shelf versions and custom STERILIZER options readily available) • UV Sterilizer (more sizes available soon) • Safety Shields • Sanitizer • Mobile Hand Washing Cl
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